"Today, Agropur is a more profitable cooperative that posts better results, carries less debt and is poised to embark on a new phase of disciplined growth," said Roger Massicotte, president of the cooperative, to 375 members who were gathered virtually.
"Our goal is for our growth to be strategic and targeted so that we can continue to post robust financial results," added CEO Émile Cordeau.
More than three-quarters of the cooperative's business volume comes from its operations as a supplier/partner to retailers (private labels), food services (hotels, restaurants, institutions) and the industrial sector (food processors).
Agropur said it owes its positive performance to improved profitability in Canada. Effective cost control measures and higher volumes in product categories like cheese contributed to these results.
In the US, the cooperative's performance was in line with expectations as prices were stabilizing in the market.
In the past 18 months, the cooperative reduced its debt load by C$1.1bn (US$790m), a 45% decrease. Agropur said this means it can again distribute cash to members.
On sustainability, in 2021, Agropur joined the Sustainable Dairy Partnership, signing on to a five-year sustainability plan. It said it also supports the global Pathways to Dairy Net Zero movement, which was launched in the fall of 2021 to accelerate climate change action throughout the dairy industry.